Carolyn keene, inc. decided to establish a petty cash fund to ensure internal control over its small cash expenditures. the following information is available for the month of april.

1. on april 1, it established a petty cash fund in the amount of $342.

2. a summary of the petty cash expenditures made by the petty cash custodian as of april 10 is as follows;
delivery charges paid on merchandise purchased $72
supplies purchased and used $37
postage expense $52
i. o.u. from employees $29
miscellaneous expense $48
the petty cash fund was replenished on april 10. the balance in the fund was $93.

3. the petty cash fund balance was increased by $112 to $454 on april 20.

required:
prepare the journal entries to record transactions related to petty cash for the month of april.

Explanation:

The journal entries are shown below:

1. Petty cash A/c Dr $342

       To Cash A/c              $342

(Being petty cash fund established)

2. Freight - in expense A/c Dr $72

   Supplies expense A/c Dr $37

   Postage expense A/c Dr $52

   Loan to employees A/c Dr $29

   Miscellaneous expense A/c Dr $48

   Cash over and short A/c Dr $11  

                                            To Cash A/c Dr $249            ($342 - $93)  

(Being disbursement of cash recorded)

3. Petty Cash A/c Dr $112

          To Cash A/c          $112

(Being increase in petty cash recorded)                    

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